When to Make Insurance Updates

On June 28, we’re celebrating one of the most important days on the Hibbs Insurance Agency calendar—National Insurance Awareness Day! According to NationalDayCalendar.com, it was established as a reminder for people to review their insurance policies. So, we want to honor it by helping you decide when to make various insurance updates.   

 

Life Insurance

 

Life is full of change, so your life insurance policy will change with it. You know you need to update if…

 

Your financial situation changes. Eventually, you might refinance your home, inherit money or property, add dependents, or increase your income. When any of this happens, you’ll probably want to adjust your death benefit.

 

Your family changes. Various life events will impact your policy, such as birth, death, marriage, and divorce. Take a look at your policy after any such occurrence and increase your coverage or change your listed beneficiaries accordingly.

 

 

Auto Insurance

 

All auto coverages are different, but generally speaking, you need to make insurance updates if…

 

You get married. You’ll probably want to combine auto insurance policies with your new spouse and enjoy multi-vehicle discounts.

 

Your household gains a new driver. If a family member moves in or a child becomes a new driver, you’ll need to update. Carriers typically want all drivers in each household listed on the same policy.

 

You move. If you move to a new home within the same state, you might get a lower premium, so you should notify your insurance carrier about the change in address. If you move out-of-state, you need to make sure that your carrier offers coverage in your new area and that it meets the state’s insurance requirements.

 

You buy a new vehicle. Be sure to make insurance updates for any new cars, trucks, or SUVs to your policy!

 

Home Insurance

 

It’s easy to forget about your home insurance policy, but there are occasions when you need to adjust it. You should make insurance updates it if…

 

You’ve remodeled. Home improvements can impact the value of your house, so you need to notify your insurance company of any projects you’ve completed. This way, you can make sure your property coverage limits are properly adjusted.

 

You’ve welcomed a dog into your family. Some insurance companies offer dog liability insurance as a part of your home policy. You just have to let the carrier know about your new pet.

 

You’ve upgraded your security or you’ve retired. You can get discounts for either!